Company Also Adds Incentive For Life Insurance Through Ladder
SAN FRANCISCO, Calif. — April 15, 2019 – SoFi announced today two new partnerships in the insurance space, expanding its portfolio of offerings to its members to include homeowners and renters insurance through Lemonade and auto insurance through Root. These partnerships round out the company’s insurance offerings, giving SoFi members access to more tools and services to protect their finances.
SoFi members will have access to best in class insurance products across renters, auto, and life insurance through Lemonade, Root and Ladder, with seamless online experiences, easy-to-understand services, and affordable rates.
“Protecting yourself and your assets is a critical and often overlooked piece of your overall financial well-being,” said Anthony Noto, SoFi CEO. “People come to SoFi to get their money right, and we’re pleased to now provide them with more tools to be able to do so by partnering with companies that share our values in ease of use, transparency, and efficiency.”
Over the past year alone, SoFi has conducted over 8,000 conversations between members and financial planners indicating that members are under- or uninsured.
“Joining forces with SoFi is a natural evolution of our product and distribution channels. Both companies are driven by customer centricity and transparency, building products that are simple, fast, and delightful,” said Shai Wininger, Chief Lemonade Maker and cofounder, Lemonade. “Offering Lemonade’s insurance product to SoFi members is just the first phase of this collaboration between like-minded technology companies challenging the financial industry status quo.”
“Our priority at Root is to put the power back into consumers’ hands by making auto insurance clear and understandable,” said Alex Timm, Root Insurance Co-Founder and CEO. “We’re excited to partner with the SoFi team as a means for members to have access to more affordable, accurate and fair auto insurance.”
Additionally, SoFi is also adding a new incentive to its partnership with Ladder following a successful initial integration last year. After conducting research that indicated millennials are surprised (and misinformed) about the affordability of life insurance, SoFi will be offering $25 to invest in stocks, ETFs, or with roboadvising through SoFi Invest for any eligible individuals who apply for life insurance through the SoFi and Ladder partnership to encourage wider understanding about the costs and benefits of life insurance.
With the expansion of its insurance offerings, SoFi fulfills its ability to offer members every financial product they may need at any stage of life. Members’ ability to protect their money is a central piece of SoFi’s mission to help its members achieve financial independence by realizing their ambitions. SoFi will continue to work with its insurance partners to offer unique integrations that help members get their money right.
SoFi members can sign up for Lemonade, Root, and Ladder directly from the SoFi website or mobile app. For more information, visit www.sofi.com.
About SoFi
SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing, and protecting give our more than half a million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. For more information, visit SoFi.com or download our iOS and Android apps.
About Lemonade
Lemonade Insurance Company is a licensed insurance carrier, offering homeowners and renters insurance powered by artificial intelligence and behavioral economics. By replacing brokers and bureaucracy with bots and machine learning, Lemonade aims for zero paperwork and instant everything. As a Certified B-Corp, where underwriting profits go to nonprofits, Lemonade is remaking insurance as a social good, rather than a necessary evil. Lemonade is currently available for the majority of the US population and will launch in Europe soon as part of its global expansion.
About Root
Root Insurance is the nation’s first licensed insurance carrier powered entirely by mobile and founded on the principle that car insurance rates should be based on how you drive, not who you are. Through smartphone technology and data science, Root measures driving behavior, and uses it as the primary factor in determining rates. The result is personalized car insurance for good drivers, better rates, and a seamless mobile app experience. For more information, visit https://www.joinroot.com and get the rate you deserve by downloading the app.
About Ladder
Ladder is life insurance built to be instant, simple, and smart. Founded in 2015, Ladder has designed a digital-first life insurance platform to serve today’s financially savvy consumer. Ladder has raised a total of $54M in funding from investors, including RRE Ventures, Canaan Partners, and Lightspeed Venture Partners. For more information visit: www.ladderlife.com/about.
Contact
SoFi PR
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“SoFi Invest” refers to two investment and trading platforms operated by Social Finance, LLC and affiliates. Automated investing is offered through SoFi Wealth LLC, an SEC Registered Investment Advisor. Brokerage services provided by SoFi Securities LLC, member FINRA/SIPC.
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